Shufti Pro’s Comprehensive Guide to Document Verification and Anti-Money Laundering Compliance in Cambodia
Understanding AML Compliance in Cambodia
As businesses operating in Cambodia continue to grow and expand, it is essential to ensure compliance with anti-money laundering (AML) regulations. One critical aspect of AML compliance is document verification, which involves verifying the authenticity of documents presented by customers or clients.
Identity Verification
Shufti Pro’s specialized Document Verification service performs checks on security features such as:
- Holograms
- Tapered/crumpled edges
- Doctored elements
- Form inconsistencies
- Document expiration
- MRZ (Machine Readable Zone)
- Reflected colors
- Microprinting
This ensures the authenticity of documents presented by customers or clients.
Address Verification
For address verification, Shufti Pro considers documents such as:
- Current utility bills (gas, electricity, telephone, or mobile phone)
- Government-issued documents showing the End-user’s address and name
- Bank statements (no older than 3 months) showing the End-user’s address and name
Timing of Verification
Identity verification is not limited to a one-time process. It is required in multiple instances as per regulations. Businesses must apply identity verification when:
- Onboarding new customers
- Dealing with transaction data
- Facing higher risks from customers
Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures
As part of the Enhanced Due Diligence requirements under Cambodian regulations, businesses must determine if their customers are PEPs, hold public offices, or exhibit a higher risk profile. Shufti Pro provides AML Screening services to help businesses fulfill these obligations.
Reliance on External Services
In the absence of explicit regulations, clients may seek third-party services for fulfilling AML/KYC obligations. However, clients will remain liable for maintaining regulatory compliance and fulfilling AML and KYC obligations.
Record Retention
As per Cambodian regulations, businesses are required to retain data for not less than five years. These records are part of their AML and KYC obligations for due diligence. In the case where this information is processed, collected, and managed by a relevant third-party, businesses are liable to collect all necessary information (Due Diligence Data) from the third party without undue delay.
By understanding and implementing these document verification and anti-money laundering compliance measures, businesses operating in Cambodia can ensure regulatory compliance and protect their reputation. Shufti Pro’s comprehensive guide provides valuable insights into the importance of identity verification, address verification, timing of verification, PEPs, and record retention for businesses operating in Cambodia.